The economic consequences of failed coup in Turkey

CCTV News

The consequences of the failed coup attempt in Turkey will affect the country in many ways. Many believed the Turkish economy would suffer great loss, but for now it seems the damage is not as bad as expected.

CCTV America’s Michal Bardavid reports.

The economic consequences of failed coup in Turkey

The economic consequences of failed coup in Turkey

The consequences of the failed coup attempt in Turkey will affect the country in many ways. Many believed the Turkish economy would suffer great loss, but for now it seems the damage is not as bad as expected. CCTV America’s Michal Bardavid reports.

For a country that has endured several terrorist attacks, a fallout with an important ally Russia, and a failed coup attempt – Turkey’s economy seems to be doing all right.

Following the Turkish Lira plunging last Friday on the day of the coup, many believed the currency could continue tumbling down. That did not happen.

Turkish Prime Minister emphasized things were under control. But it was not only words from the government. The Central Bank swiftly took precautions over the weekend as it announced it would would cut commission on daily liquidity options for banks to zero to maintain stability.

Analysts working in the financial market in Turkey have emphasized the precautions taken by the Turkish government are working – at least for now.

Although the Istanbul Stock Exchange dropped over five percent on Monday, it had been expected as an aftershock. On the other hand, the effect of the coup attempt on tourism could potentially last longer.

The industry had already been suffering due to several terrorist bombings. The violent pictures from the coup attempt will no doubt have an effect on those considering traveling to Turkey.

Bob Amsterdam on Turkey coup attempt

For more on the coup attempt in Turkey, CCTV America’s Mike Walter spoke to attorney Bob Amsterdam.
The Turkish government has retained his law firm to investigate activities of a Turkish cleric who President Erdogan accused of masterminding the coup.

David Nelson on Turkey economy after coup attempt

For more on how these latest developments could affect Turkey’s economy, CCTV America’s Rachelle Akuffo spoke to David Nelson, Chief Strategist at Belpointe.